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S&P cuts Pacific Gas preferreds
S&P said it lowered its ratings on Pacific Gas & Electric Co.'s preferred stock to CCC+ from BB-.
The ratings remain on CreditWatch, where they were placed with negative implications on Feb. 22.
The issuer credit rating is BBB+ and also remains on CreditWatch.
The agency said the preferred stock rating reflects the company's continued suspension of the preferred stock dividends, which began as of the quarter ended Jan. 31.
“The company suspended dividends in response to potentially large legal exposures arising from a series of wildfires in its service territory in 2017,” S&P said in a news release.
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